Ashford Hospitality Trust, Inc. (NYSE:AHT) Q2 2021 Results Conference Call July 29, 2021 11:00 AM ET Company Participants Jordan Jennings - Investor Relations Robison Hays - President and Chief Executive Officer Deric Eubanks - Chief Financial Officer Jeremy Welter - Chief Operating Officer Conference Call Participants Tyler Batory - Janney Montgomery Scott Bryan Maher - B. Riley Securities Michael Bellisario - Robert W. Baird Chris Woronka - Deutsche Bank Securities Operator Greetings. Welcome to Ashford H ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-31775 ASHFORD HOSPITALITY TRUST, INC. (Exact name of registrant as specified in its charter) | --- | --- ...

Ashford Hospitality Trust, Inc. (NYSE:AHT) Q1 2021 Earnings Conference Call May 5, 2021 12:00 PM ET Company Participants Jordan Jennings - Investor Relations Rob Hays - President and Chief Executive Officer Deric Eubanks - Chief Financial Officer Jeremy Welter - Chief Operating Officer Conference Call Participants Bryan Maher - B. Riley Securities Chris Woronka - Deutsche Bank Operator Greetings. Welcome to Ashford Hospitality Trust First Quarter 2021 Results Conference Call. [Operator Instructions] Please ...

Ashford Hospitality Trust, Inc. (NYSE:AHT) Q4 2020 Earnings Conference Call February 25, 2021 11:00 AM ET Company Participants Jordan Jennings – Investor Relations Rob Hays – President and Chief Executive Officer Deric Eubanks – Chief Financial Officer Jeremy Welter – Chief Operating Officer Conference Call Participants Tyler Batory – Janney Capital Markets Michael Bellisario – Robert W. Baird and Company Kyle Menges – B. Riley Securities Chris Woronka – Deutsche Bank Operator Greetings, and welcome to the ...

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(unaudited)) The unaudited financial statements for the period ended September 30, 2020, reflect a severe negative impact from the COVID-19 pandemic, leading to significant asset and equity declines, plummeting revenues, and negative cash flow from operations [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) | Balance Sheet Items (in thousands) | September 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$3,844,276** | **$4,691,348** | | Total Liabilities | $3,990,413 | $4,352,212 | | **Total Stockholders' Equity (Deficit)** | **$(166,933)** | **$268,762** | | Cash and cash equivalents | $120,916 | $262,636 | | Investments in hotel properties, net | $3,484,019 | $4,108,443 | | Indebtedness, net | $3,739,737 | $4,106,518 | - The company's financial position deteriorated significantly by September 30, 2020, with total assets declining by approximately **$847 million** and stockholders' equity shifting from a positive **$268.8 million** to a deficit of **$166.9 million** compared to year-end 2019[5](index=5&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) | Operating Results (in thousands) | Q3 2020 | Q3 2019 | 9 Months 2020 | 9 Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$93,043** | **$374,237** | **$417,985** | **$1,148,103** | | Operating Income (Loss) | $(164,525) | $29,438 | $(365,702) | $102,200 | | Net Income (Loss) | $(151,626) | $(39,086) | $(495,632) | $(107,060) | | **Net Loss Attributable to Common Stockholders** | **$(139,925)** | **$(41,822)** | **$(450,030)** | **$(117,409)** | | **Basic and Diluted EPS** | **$(11.89)** | **$(4.21)** | **$(41.92)** | **$(11.87)** | - Total revenue for Q3 2020 collapsed by **75%** year-over-year, leading to a significant operating loss of **$164.5 million** compared to an operating income of **$29.4 million** in Q3 2019. The net loss attributable to common stockholders more than tripled for the quarter[6](index=6&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) | Cash Flow Summary (in thousands) | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | **$(98,884)** | **$149,784** | | Net cash provided by (used in) investing activities | $(3,866) | $(247,176) | | Net cash provided by (used in) financing activities | $(85,046) | $62,709 | | **Net (decrease) in cash, cash equivalents and restricted cash** | **$(187,796)** | **$(34,683)** | - For the first nine months of 2020, the company experienced a severe reversal in operating cash flow, from a **$149.8 million** inflow in 2019 to a **$98.9 million** outflow, reflecting the deep impact of the pandemic on operations[17](index=17&type=chunk) [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the severe operational and financial distress caused by the COVID-19 pandemic, leading to a significant decline in RevPAR, suspension of dividends, and widespread loan defaults, raising substantial doubt about the company's ability to continue as a going concern - The company has determined there is **substantial doubt** about its ability to continue as a **going concern** within one year, citing the impact of COVID-19, uncertainty of future cash flows, and inability to consider remedies outside of its control like future fundraising or obtaining further forbearances[24](index=24&type=chunk) - Beginning April 1, 2020, the company defaulted on principal and interest payments for nearly all of its loans. While forbearance agreements have been executed for approximately **$2.6 billion** of its **$3.7 billion** in property-level debt, several lenders have issued acceleration notices and notices of UCC sales[23](index=23&type=chunk)[52](index=52&type=chunk) - During Q3 2020, the company disposed of 12 hotel properties through sales, consensual assignments, or UCC foreclosures in response to loan defaults and maturities, resulting in a significant gain on extinguishment of debt of **$90.3 million**[38](index=38&type=chunk)[41](index=41&type=chunk) - The company recorded impairment charges of **$29.9 million** for Q3 2020 and **$85.1 million** for the nine months ended September 30, 2020, primarily related to hotels that were disposed of or had reduced cash flow expectations due to the pandemic[42](index=42&type=chunk)[43](index=43&type=chunk)[45](index=45&type=chunk) - In June 2020, the company received an administrative subpoena from the SEC regarding related-party transactions since January 1, 2018, including its agreement with Lismore Capital LLC for debt modification services[106](index=106&type=chunk)[179](index=179&type=chunk)[192](index=192&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=44&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the catastrophic impact of the COVID-19 pandemic, leading to a 72% decline in RevPAR, widespread loan defaults, and liquidity constraints, raising substantial doubt about the company's ability to continue as a going concern - The company explicitly states there is **substantial doubt** about its ability to continue as a **going concern** and is analyzing strategic alternatives including raising capital, restructuring debt, or seeking protection under **Chapter 11 of the United States Bankruptcy Code**[116](index=116&type=chunk)[145](index=145&type=chunk)[147](index=147&type=chunk) - As of September 30, 2020, the company held **$120.9 million** in cash and cash equivalents and **$89.5 million** in restricted cash. It utilized **$50.4 million** of cash, cash equivalents, and restricted cash during the third quarter of 2020[116](index=116&type=chunk)[145](index=145&type=chunk) | Key Performance Indicators (Comparable Hotels) | Q3 2020 | Q3 2019 | % Change | | :--- | :--- | :--- | :--- | | **RevPAR** | **$37.90** | **$143.64** | **-73.6%** | | Occupancy | 31.16% | 78.47% | -47.31 pps | | ADR | $121.62 | $183.05 | -33.6% | | Non-GAAP Measures (in thousands) | Q3 2020 | Q3 2019 | | :--- | :--- | :--- | | **Adjusted EBITDAre** | **$(22,727)** | **$103,091** | | **Adjusted FFO** | **$(98,274)** | **$32,855** | [Quantitative and Qualitative Disclosures About Market Risk](index=72&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk exposure is to interest rate changes on its variable-rate debt, with a 25-basis point change impacting annual results by approximately $8.7 million - Of the company's **$3.7 billion** in total indebtedness, **$3.5 billion** is variable-rate debt. A **25-basis point** change in interest rates would impact annual results by approximately **$8.7 million**[173](index=173&type=chunk) [Controls and Procedures](index=72&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and procedures were not effective as of September 30, 2020, due to a material weakness in accounting for troubled debt restructurings - A **material weakness** in internal control over financial reporting was identified related to the accounting for troubled debt restructurings. This led to a misstatement in the company's previously issued third-quarter earnings press release, which has since been amended[176](index=176&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=73&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in several legal proceedings, including a class action lawsuit and a critical SEC investigation into related-party transactions since January 2018 - In June 2020, the company, along with its advisor Ashford Inc. and other related entities, received an administrative subpoena from the SEC. The investigation focuses on related-party transactions since January 1, 2018, and the company's accounting and controls related to them[179](index=179&type=chunk)[192](index=192&type=chunk) [Risk Factors](index=75&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company highlights severe risks amplified by the COVID-19 pandemic, including continued negative impact on RevPAR, widespread debt defaults, substantial doubt about going concern, potential delisting, and the risk of Chapter 11 bankruptcy - There is a **substantial risk** that it may be necessary for the company to seek protection under **Chapter 11 of the United States Bankruptcy Code**, which could place stockholders at significant risk of **losing their entire investment**[194](index=194&type=chunk) - The company has **defaulted** on its property-level secured debt, and failure to negotiate forbearance agreements may lead to lenders **foreclosing** on the hotels[182](index=182&type=chunk) - The company is dependent on its advisor, Ashford Inc., which has publicly disclosed that there is **substantial doubt** about its own ability to continue as a **going concern**[184](index=184&type=chunk) - The company is **not in compliance** with NYSE continued listing standards due to its low average market capitalization and negative stockholders' equity, creating a **risk of delisting**[187](index=187&type=chunk) [Defaults Upon Senior Securities](index=84&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) The company suspended quarterly cash dividends on its preferred stock for the second and third quarters of 2020 due to financial turmoil, resulting in significant dividend arrearage across all five series | Preferred Stock Series | Dividend Arrearage (in thousands, as of filing date) | | :--- | :--- | | 8.45% Series D | ~$2,524,000 | | 7.375% Series F | ~$4,425,000 | | 7.375% Series G | ~$5,715,000 | | 7.50% Series H | ~$3,562,000 | | 7.50% Series I | ~$5,062,000 |

Ashford Hospitality Trust, Inc. (NYSE:AHT) Q3 2020 Earnings Conference Call October 28, 2020 11:00 AM ET Company Participants Jordan Jennings - Manager of Investor Relations Rob Hays - President & Chief Executive Officer Deric Eubanks - Chief Financial Officer Jeremy Welter - Chief Operating Officer Conference Call Participants Tyler Batory - Janney Capital Markets Bryan Maher - B. Riley Securities Chris Woronka - Deutsche Bank Arpine Kocharyan - UBS Michael Bellisario - Baird Operator Greetings and welcome ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-31775 ASHFORD HOSPITALITY TRUST, INC. (Exact name of registrant as specified in its charter) | --- | --- ...

Ashford Hospitality Trust, Inc. (NYSE:AHT) Q2 2020 Earnings Conference Call July 30, 2020 11:00 AM ET Company Participants Jordan Jennings - Manager of Investor Relations Robison Hays - President and Chief Executive Officer Deric Eubanks - Chief Financial Officer Jeremy Welter - Chief Operating Officer Conference Call Participants Tyler Batory - Janney Montgomery Scott, LLC Michael Bellisario - Robert W. Baird & Co. Bryan Maher - B. Riley FBR, Inc. Chris Woronka - Deutsche Bank Robin Farley - UBS Operator G ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-31775 ASHFORD HOSPITALITY TRUST, INC. (Exact name of registrant as specified in its charter) | --- | --- ...